DeSo hopes to offer a framework for social networks the same way that Ethereum provides tools to create decentralized applications. Nader Al-Naji, the founder of the social networking site called BitClout, has disclosed a $50million Octane Fund to support the development of a decentralized social media ecosystem. The fund will focus on early incentives that will build a demo on the DeSo Blockchain.
On the platform users can buy and sell creator coins. These are non fungible tokens where the price is determined by reputations and the content users create. You can tip users posts on the platform with an in app currency called "diamonds". The platform launched to the public in March, 2021. 15,000 accounts were reserved for celebrities on Twitter to prevent impersonation. The supply of DeSo is capped at 10.8 million coins making the cryptocurrency extremely scarce.
Users on the platform can mint any post as an NFT at practically no cost. I can say through personal experience that DeSo offers the most user friendly and cost effective minting experience. I created my profile on DeSo roughly 2 weeks ago and I'm impressed. Using it as an NFT marketplace alone is satisfying. What is holding the platform back right now is a lack of users and content creators. At the present moment DeSo has a very small community vibe, but posting there is a great experience nonetheless. The most active celebrities on the platform right now are Floyd Mayweather, Tyga, and Pamela Anderson. I think I even saw Tiffany Trump create an NFT yesterday haha. As the network grows the potential for DeSo to change social networking and the way creators can monetize on their content. I will continue using DeSo and keep posting updates on how well it is doing, and how much profit I've made using it. I hope you enjoyed the read!